FXOpen broker review (2021) Review
FXOpen is a retail and institutional forex broker operating on the ECN model, providing traders with real access to the interbank market. Barclays Capital, Bank of America, CRNX, JPMorgan, Morgan Stanley, Deutsche Bank AG and CITI are among the liquidity providers announced. The website is available in 14 languages. The broker has its own forum where one can find useful information and communicate with other traders. Our review will help you to make a right choice.
FXOpen Markets Limited is a company registered in Nevis (company registration number 42235). If you would like to open an account with a regulated company, you can register with FXOpen in Australia or the UK. FXOpen Ltd. is authorized and regulated by the Financial Conduct Authority (FCA) under company registration number FCA 579202. FXOpen AU Pty Ltd. is authorized and regulated by the Australian Securities and Investments Commission (ASIC), AFSL 412871 – ABN 61 143 678 719.
There are 52 currency pairs, CFDs on indices, gold and silver, CFDs on oil, natural gas and cryptocurrencies among the assets. The broker provides 4 types of accounts: ECN, STP, Crypto and Micro. Clients are also offered an automated trading service with MyFXbook and ZuluTrade systems. FXOpen also offers the PAMM technology that opens up the possibility of passive income. The Company offers very loyal conditions for entering the market, which is a plus for beginners. The minimum deposit is only 1$, spreads from 0p and leverage 1:500. When you open an account, you can get a no deposit bonus 10$, as well as take advantage of the „Cash-back“ program and within 90 days you will receive payouts even from losing trades.
Trading takes place in a reliable software product that has long been trusted by millions of traders – MetaTrader 4 (Microsoft Windows, Mac OS, Linux). About 90% of all trades on the forex market are made on this platform. MT4 has earned its reputation for simplicity of operation and functionality that enables traders to analyze financial markets, conduct transactions, use Expert Advisors and much more. FXOpen adapted this unique terminal for profitable trading on ECN systems and today it is a powerful and functional solution providing stable operation and full-fledged analysis, strategy testing and accurate signals.
FXOpen has also enhanced Metatrader 4 with its innovative liquidity aggregator that offers instant order execution at the best prices.
FXOpen Demo Account
To get acquainted with the possibilities of the broker’s platform, you can open a free demo account, which fully simulates real trading on the market, but using virtual money. Giving such an option to the trader is a sign of reliability and honesty of the organization, which has nothing to hide from its clients.
An introductory account will allow you not only to explore the functionality of the platform offered by the broker, but also to try the first transactions here, to test strategies and indicators, to make sure that the terminal is working properly, that the technical support managers are professional, and that the company is honest. A demo account has no expiry date. In order to open a demo account, you will need to fill in your email, password and phone number. Also, you will be asked to choose account type, leverage, currency and deposit amount as well.
Types of brokerage accounts
In order to conduct trading operations, a trader should decide on the type of account that will be used for further trading. The forex broker offers 4 types:
Minimum deposit starting from $1. It has floating spread. Leverage is 1:500. Available instruments for trading: 28 currency pairs, gold and silver.
Deposit size from 100 USD (or equivalent in another currency). Floating spread from 0 pips. Up to 1:500 maximum leverage. Up to 70 instruments are available for trading, including currency pairs, gold, silver, CFD, oil, natural gas.
Crypto account (Crypto and Crypto 10)
Initial capital from $10. Maximum leverage: 1:3/1:10. Trading instruments: 43 pairs of BTC, Ripple, BCH, ETC, EOS, LTC, etc.
Starting deposit from $10. Up to 1:500 maximum leverage. Ability to trade 50 currency pairs, gold and silver.
Deposit and withdrawal
FXOpen clients have plenty of options to choose from for quick depositing and withdrawing money, so traders are sure to find the most convenient one. For example, depositing funds to the account is easy and fast:
- Bank transfers,
- Visa/MasterCard, China UnionPay etc,
- Payment Systems (WebMoney, Qiwi, Neteller, Skrill, OKPAY, IntellectMoney, etc.),
- Cryptocurrencies: Bitcoin, Tether, Litecoin, Ethrereum etc.
You can contact support via online chat, email, phone or via support tickets on the website. Chat support is available 24/5. Support email enquiries and tickets are handled from 7am to 4pm (GMT) on weekdays.
Advantages and disadvantages
- Several licenses from reputable regulators.
- The opportunity to invest money in PAMM for passive income.
- Wide choice of account types with different technologies (ECN/STP).
- Limited leverage for EU clients
- Fixed spread accounts are not offered
Pros / Cons